Global investment banks and rating agencies forecast that South Korea’s economy will advance in the mid 3 percent range this year, data showed Monday, lower than estimates by local government and institutions.

Projections from 33 major IBs and credit rating agencies said South Korea’s gross domestic product, the broadest measure of economic performance, is expected to grow 3.63 percent this year, according to Bloomberg data. Last year, the Korean economy grew 3 percent.

Barclays and Wells Fargo projected the highest growth at 4.1 percent for 2014, followed by the Royal Bank of Scotland with 4 percent.

ING Group offered an estimate of a 2.8 percent expansion for Asia’s fourth-largest economy this year, the lowest among all rating agencies, followed by HSBC with 3.2 percent and Credit Suisse with 3.3 percent.

Their overall growth projection is lower than 3.9 percent and 4 percent predicted by the South Korean government and the Bank of Korea, respectively. (Yonhap)